Top three altcoins trending in crypto social media: Ethereum, Dogecoin, Ondo
- Ethereum is trending among market participants with the upcoming Dencun network upgrade.
- X’s official payment handle fueled anticipation of Dogecoin’s acceptance as a payment method.
- ONDO finance is seeing whale accumulation alongside the asset’s price rally.
Ethereum, the second largest cryptocurrency by market capitalization, is trending among crypto traders as developers finalize the timeline for the Dencun upgrade. ETH is trending alongside Dogecoin (DOGE) and Ondo Finance (ONDO), according to Santiment data.
The dog-themed meme coin’s holders believe Dogecoin is likely to be accepted as a payment method, as social media platform X reveals its official payments account @xpayments on X (formerly Twitter).
Also read: Bitcoin price sustains above $41,000 as whales moves signal further downside
ETH, DOGE and ONDO trend among market participants
In the recent Ethereum All Core Developers Execution (ACDE) call, the timeline for the Dencun upgrade was determined and the upgrade was finalized despite the issues that arose in the testing on the Goerli testnet. The Dencun upgrade is key to the Ethereum network since it is likely to reduce the transaction cost for Layer 2 chains.
The Ethereum ecosystem’s most anticipated upgrade, EIP-4844 is set to debut in the Dencun upgrade, boosting Ethereum’s scalability and reducing transaction costs. This makes the Dencun upgrade and its arrival on mainnet key to ETH holders.
At the time of writing, Ethereum price is $2,407 on Binance. The altcoin is likely to march towards its 61.8% Fibonacci Retracement level of ETH price decline between April and June 2022, at $2,551.
ETH/USDT 1-day chart
One of the key reasons why Dogecoin is trending among market participants is DOGE holders anticipate that the meme coin will find use as a payment method among X users. This anticipation was fueled by X’s official handle for payment, @xpayments arrival.
ONDO price rallied 751% in the past week. Despite the massive spike in the asset’s price, instead of profit-taking, large wallet investors are scooping up ONDO, according to data from on-chain intelligence providers.
Lookonchain revealed that a whale spent 540 Ether worth $1.33 million, and 319,505 MUBI tokens worth $50,000 to acquire 5.02 million ONDO worth $1.38 million. This is one of the many transactions by large wallet investors in the past 24 hours.
A whale spent 540 $ETH($1.33M) and 319,505 $MUBI($50K) to buy 5.02M $ONDO($1.38M) 21 hours ago, with an average buying price of $0.2742.https://t.co/MYyLQxhk8u pic.twitter.com/e69nUIzxcX
— Lookonchain (@lookonchain) January 22, 2024
Trending altcoins are likely to observe a shift in the price trend as market participants make moves in these assets.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
